Greenbay makes R1.6bn offer for Group Five’s European assets

JSE-listed Group Five has received an unsolicited R1.6-billion offer from global real estate firm Greenbay Properties for its European division. Group Five said in a statement that the intention letter it received from Greenbay included confirmation that it had R1.6-billion cash held in escrow by Webber Wentzel Attorneys. Greenbay had raised R4.5-billion in an accelerated bookbuild on August 21.